Company ModelIntegrated Company Model
Biotech / R&D-Stage — End-to-End Operating Model
Program burn → milestone inflow → runway → cash at data.
Business Drivers
Programs
Pipeline burn.
Milestone
A capital inflow event.
Horizon
How long to model.
Capital & Value
Cash and implied value.
The Integrated Picture
Monthly burn
$750,000
Runway (pre-milestone)
40 mo
Cash at horizon
$13,000,000
Cash at milestone
$26,500,000
Runs out?
No
Implied value at data
$200,000,000
Cash Runway
| Month | Monthly Burn | Inflow | Cash |
|---|---|---|---|
| Month 1 | $750,000 | — | $29,250,000 |
| Month 3 | $750,000 | — | $27,750,000 |
| Month 6 | $750,000 | — | $25,500,000 |
| Month 9 | $750,000 | — | $23,250,000 |
| Month 12 | $750,000 | — | $21,000,000 |
| Month 15 | $750,000 | — | $18,750,000 |
| Month 18 | $750,000 | $10,000,000 | $26,500,000 |
| Month 21 | $750,000 | — | $24,250,000 |
| Month 24 | $750,000 | — | $22,000,000 |
| Month 27 | $750,000 | — | $19,750,000 |
| Month 30 | $750,000 | — | $17,500,000 |
| Month 33 | $750,000 | — | $15,250,000 |
| Month 36 | $750,000 | — | $13,000,000 |
Burn Economics
| Metric | Value |
|---|---|
| Active programs | 3 |
| Burn / program / month | $200,000 |
| G&A / month | $150,000 |
| Total monthly burn | $750,000 |
| Milestone payment | $10,000,000 |
The Operator's Read
At $750,000/mo burn, the $30,000,000 plus the $10,000,000 milestone carries the pipeline through the horizon with $13,000,000 to spare. Reaching the readout funded supports the $200,000,000 implied value. A bespoke model adds probability-weighted milestones and dilution.
Interactive preview · Educational model, not financial advice · Built by The Crimson Bench
About This Model
A full operating model of a pre-revenue biotech. Each program burns cash monthly; overhead sits on top; a milestone payment injects capital mid-plan; and the model tracks runway to the value-inflection readout. Cash, not revenue, is the whole game here.
The Linked Driver Groups
Everything is connected — here is what feeds the model.
Programs
Pipeline burn.
Active programs · Burn / program / month · G&A / month
Milestone
A capital inflow event.
Milestone month · Milestone payment
Horizon
How long to model.
Months to simulate
Capital & Value
Cash and implied value.
Starting cash · Implied value at data
Assumptions & Limitations
- •The model is deterministic and monthly — it projects your drivers forward with clear arithmetic, one scenario at a time.
- •Defaults are illustrative benchmarks. The paid version ships in Excel so you can wire in your real chart of accounts.
- •For a model built entirely around your business — hiring waves, fundraising rounds, working capital — commission a bespoke engagement.
- •Educational decision-support tool — not financial, investment, tax, or legal advice.
Frequently Asked Questions
What is the Biotech / R&D-Stage — End-to-End Operating Model?
A full operating model of a pre-revenue biotech. Each program burns cash monthly; overhead sits on top; a milestone payment injects capital mid-plan; and the model tracks runway to the value-inflection readout. Cash, not revenue, is the whole game here.
What makes it "end-to-end"?
Unlike a single calculator, this model links 4 driver groups — Programs, Milestone, Horizon, Capital & Value — into one integrated picture. Change any driver and revenue, margin, cash, runway, and valuation all move together.
What do I get for $250?
The full interactive model plus an editable Excel version, a documented methodology, and board-ready base/bull/bear scenarios. Want it wired to your real numbers and chart of accounts? That's a bespoke engagement — see the Enterprise page.
Is this financial advice?
No. It's an educational decision-support model built to your assumptions — not financial, investment, tax, or legal advice.
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The Crimson Bench · Est. 2002 · Founded in New York City
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